Investor Presentation

Chinese Log & Lumber Imports Rely on NZ and Russia Chinese Log Import Volumes (million m3 RWE) 50 45 45 40 40 Russia New Zealand USA Chinese Lumber Import Volumes (million m3 RWE) 45% 45 Russia Canada 40% 40 40 Europe ROW % New Zealand 35% 35 35 ROW % Russia 35 50 30 25 25 20 20 15 10 10 5 80% 70% 60% 50% 40% 30% 20% 10% Rayonier Source: Forest Economic Advisors. RWE defined as roundwood equivalent. Investor Presentation | May 2020 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 New Zealand has captured a significant share of the growth in China's log import volume. 5% 5 10% 10 15% 15 20% 20 20 25% 25 25 30% 30 30 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2006 2007 18

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